After remaining virtually stagnant for almost two weeks, the cryptocurrency market is showing signs of bullishness. Bitcoin (BTC) has once again crossed above $6,500 levels. Almost all the altcoins are in green. One of the reasons for the bullishness is an optimistic view issued by Mike Novogratz, founder of Galaxy Investment Partners. According to Novogratz, the market is slowly building momentum and major funds are expected to come into the crypto market in the first or second quarter of 2019, which is expected to boost the price in a big way.
Government level initiatives
The U.S. Commodity Futures Trading Commission’s (CFTC) Brian Quintenz has spoken about the issue of accountability in a period of smart contracts and disintermediation in finance. The commissioner gave his comments at the 38th Annual GITEX Technology Week Conference in Dubai on Tuesday, October the 16th. The commissioner suggested that when it boils down to enforcement proceedings, not only users but also the coders may be held to account. Quintez elaborated as follows: “The appropriate question is whether these code developers could reasonably foresee, at the time they created the code, that U.S. citizens would likely use it in a manner violative of CFTC regulations.”
Quintenz further noted the complexities that surface when applying conventional legal standards to “the disintermediated world of the blockchain,” stressing the challenges that the budding sector poses to the CFTC’s specific responsibility, which is intermediary-focused and centers on protecting market integrity via oversight.
Brazil’s Presidential candidate, Fernando Haddad, is using blockchain to unveil the plan he would forge, in case of victory in the election. The decision to publish the plan on a decentralized platform was taken to prevent fake news reports. Haddad, who represents the Brazil Workers’ Party, has stated that the immutable, tamper-proof nature of blockchain is one of the main reasons for using it.
Haddad utilized “free software” in Sao Paulo where he stood as mayor between 2013 and 2017. The software solutions tracked multiple city projects, such as the municipal Master Plan “with the support of users through the internet,” among others. Silva suggested creating a “digital government,” that stores all public data on a decentralized platform.
Private level initiatives
This autumn, Telegram, which offers an encrypted messenger service, is planning to introduce a trial version of a blockchain-based TON platform. The information was disclosed by investors who participated in TON’s Initial Coin Offering (ICO) at the start of September. The investors revealed that they had received a circular from the messaging service firm.
The company’s notice also states that the platform’s blockchain is presently under construction and that 70% of the work related to the platform has already been completed. Once the platform goes live, TON intends to utilize its in-house cryptocurrency, Gram, to create a “new way of exchanging data.”
Japanese car manufacturer, Toyota, has inked a deal with Lucidity, a blockchain-based advertising analytics firm, to prevent fraud while buying digital ads. Established in 2017, the Los Angeles-based Lucidity, previously known as KR8OS, offers an Ethereum blockchain solution to track supply chain payments, which enables advertisers to monitor the allocation of their funds.
Using the collaboration with Lucidity, Toyota and ads agency Saatchi & Saatchi are hoping to attain transparency in Toyota’s digital ad campaign purchases and avoid wasteful spending. Notably, the size of the automotive digital advertising market is expected to be nearly $15 billion this year in the US.
Nancy Inouye, Media Director at Toyota Motor North America, has disclosed that the partnership program with Lucidity has resulted in a 21% rise in visits to Toyota’s website.
Following a Memorandum of Understanding (MoU) between the subsidiary of Abu Dhabi Ports, Maqta Gateway, and the Port of Antwerp, the former has unveiled a global blockchain pilot program. Under the program, both parties will commence a blockchain project called Silsal that will facilitate international document handling through distributed ledger technology (DLT).
The Silsal project is anticipated to offer full cargo visibility and also improve trade flow and supply chains between the UAE and Belgium. The pilot program will test the advantages of blockchain technology, such as identification, exchange and verification of cargo-related documents and certificates between the ports mentioned above.
The Silsal project, initially revealed in June 2018, was introduced in a number of operational phases. The project originally targeted freight forwarders and their clients. Eventually, the project was extended to the trading community.
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